Western Australian mining magnate Gina Rinehart out-bid ‘unprecedented’ global and domestic interest in the 400,000 hectare Fossil Downs Station in the Kimberley region of Western Australia.
The station is north east of Fitzroy Crossing, has frontage to the Fitzroy and Margaret Rivers and has a herd of 15,000 droughtmaster cattle.
Malcolm French is the Elders real estate executive who conducted the sale of Fossil Downs and said the purchase is a great complement to Mrs Rinehart’s prior investment in the Kimberley region.
Last year, Mrs Rinehart’s company, Hancock Prospecting, paid $40 million for a 50 per cent stake in the Liveringa and Nerrima stations in the Kimberley, in the hope of capitalising on Asia’s demand for food.
“In Kimberley terms (Liveringa and Nerrima) are just down the road, it’s a big coup for them,” Mr French said.
Fossil Downs was on the market for the first time in 133 years, having been continuously owned and operated since 1882, by the Henwood family.
“It’s an Australian iconic property, it’s one of the best in Australia, mainly due to the herd of cattle that’s on the property, a fantastic herd of droughtmasters,” Mr French said.
“The history is incredible and the rangelands itself is just amazing, the way they’ve looked after it, it’s as if the early explorers when they walked on there in the late 1870’s it’s exactly the same.”
The interest in this property was unprecedented, said Mr French.
“The inquiry was quite outstanding, as it should be for such a property and of course the beef industry has been moving along with good news and so it all jelled,” he said.
“The interest in the property is certainly unprecedented in my lifetime of doing these types of jobs, it’s certainly been one of the busiest
“It was right across the globe really, but mostly Australians, quite a few from the east coast as well, but all the Australian corporates who are in agribusiness, they were all involved which is fantastic.
“We did say to the market that our expected price was $25 to $30 million and all I can say is that the price obtained was certainly within our expectations.”
SOURCE: ABC Rural
PUBLISHED: 28th July, 2015
AUTHOR: Belinda Varischetti
@Jurds Real Estate – Cessnock and Hunter Valley Wine Country Property Experts – the place to buy, sell and lease property in Cessnock and the Hunter Region.